Refresco snaps up struggling SunOpta in $1.1B plant-based milk deal
Refresco has agreed to buy SunOpta, a specialist in plant-based milk alternatives, for roughly $1.1 billion. The deal includes taking on SunOpta's debt of about $266 million. Shareholders will receive $6.50 per share in cash, valuing the company's equity at around $829 million.
The acquisition comes as SunOpta's market share in plant-based milk has dropped from 4.5% to 2.8% over the past three years. Competition from brands like Oatly, Chobani, and Silk has intensified during this period.
SunOpta's board has approved the sale, which will go ahead under a court-approved plan via Canada's Business Corporations Act. Refresco expects the deal to close in the second quarter of 2026, pending regulatory approval.
Shareholders will get full details about the transaction in March 2026. An extraordinary general meeting is set for April 2026 to finalise the sale. Until then, SunOpta has stopped releasing financial forecasts and quarterly earnings updates.
A law firm, Kahn Swick & Foti, is now examining whether the $6.50-per-share offer is fair to investors. The investigation will assess if the price reflects SunOpta's true value amid its recent market struggles.
SunOpta's decline in plant-based milk sales has been sharp, falling from 4.5% in 2023 to 2.8% by 2025. Rivals like Oatly (15% share), Chobani (12%), Silk (11%), and Califia Farms (9%) have dominated the sector, particularly in North America and Europe. Slower growth in the market has added to the pressure on SunOpta's performance.
The acquisition will expand Refresco's presence in plant-based beverages. If approved, the deal will complete in mid-2026, with shareholders receiving $6.50 per share. The transaction remains subject to regulatory checks and the outcome of the ongoing legal review.
